Trump’s tweets on stimulus lift stocks

Stocks closed broadly higher Wednesday on Wall Street after President Trump appeared to backtrack on his decision to halt talks on another rescue effort for the economy.

The Standard & Poor’s 500 index climbed 1.7% after Trump sent tweets late Tuesday saying he’s open to sending out $ 1,200 payments to Americans, as well as limited programs to prop up the airline industry and small businesses.

The tweets came just hours after Trump sent the market into a sudden tailspin with his declaration that his representatives should halt talks with Democrats on a broad stimulus effort until after the election, saying House Speaker Nancy Pelosi had been negotiating in bad faith.

The S& P 500 index rose 58.50 points to 3,419.45, while the Dow Jones industrial average gained 530.70 points, or 1.9%, to 28,303.46.

The Nasdaq composite climbed 210 points, or 1.9%, to 11,364.60 despite a call by Democratic lawmakers for Congress to rein in the Big Tech companies that dominate it and other indexes.

Airlines jumped to some of the day’s bigger gains after Trump singled out the industry, asking Congress to “IMMEDIATELY” approve $ 25 billion for them. Last week, Pelosi had told airline executives to halt the furloughs of tens of thousands of workers with the promise that aid for them was imminent.

Smaller stocks rose more than the rest of the market. The Russell 2000 index of small- cap stocks climbed 33.75 points, or 2.1%, to 1,611.04.

The yield on the 10- year Treasury rose to 0.78% from 0.76% late Tuesday.